Publications: Pensions

This document, dated December 11, 2018, provides an independent review of the PPMAIRC Recommendation Report. Provided by Stephen L Nesbitt, CEO, Cliffwater LLC.

This document provides an analysis of Senate Bill 1 Printer's Number 902.

This document provides talking points regarding the Republican Pension Proposal: SB1071 (PN1913) as amended by A10803.

This document provides an analysis of the Republican Pension Proposal: SB1071 (PN1913) as amended by A10803.

This document is an analysis of the pension proposal, SB 1071, as amended by A8206.

As we have seen with previous GOP attempts to “reform” the pension systems, the proposed side-by-side hybrid pension plan (Senate Bill 1071, PN1481) does not generate any savings in the short-term for the 2015/16 budget, nor does it pay off the pension debt any sooner than the current payment plan. Additionally, despite the pension changes, school districts’ pension payments will continue to increase for the next 20 years.

This document provides key takeaways from the June 4, 2015 public hearing on retirement security. Five national experts testified before the PA House Democratic Policy Committee about retirement security and how pension system changes could impact Pennsylvania. The experts cautioned lawmakers about making changes to the retirement systems, especially moving from a defined benefit (DB) plan to a defined contribution (DC)/cash balance plan as proposed in Senate Bill 1.

Senate Republicans fast-tracked and passed a complicated, far-reaching and unconstitutional plan to overhaul the state’s pension systems. Ironically, despite claims that the changes are necessary to address the pension debt, according to the actuarial analysis, the plan does not pay off the debt any sooner than the current payment plan, nor does it save any money in the short-term to address the budget deficit.

Memo from the Chair: Today, the Public Employee Retirement Commission met to release its draft actuarial analysis of Rep. Tobash’s plan to dramatically cut retirement benefits for future state and school employees.